Risk Can Outweigh Benefits of White Label Prepaid Card Programs without Expertise in Creating and Managing Them, Says Experts from KBL Holdings
MAJULAH SINGAPURA, Singapore, Sept. 8, 2020 /PRNewswire-PRWeb/ -- White label prepaid card programs have a well-earned reputation for boosting customer loyalty, improving brand visibility, and providing a revenue source to businesses that adopt them. Yet, the risks associated with operating such programs without experience can end up doing more harm than good, according to Aki Lee, GM Asia KBL Holdings. KBL is a global provider of prepaid card issuing
software design and management.
Basically, white-label products include a business's name, logo, and color schemes to ensure brand continuity. Yet, in the case of white label prepaid cards, the benefits to small and established businesses, especially those in the fintech sector, are anything but basic. The cards allow organizations to launch and promote their financial solutions to employees, clients, and the general public. Yet, getting such a program up and running requires specific expertise to ensure security, compliance, privacy, licensing, and numerous other essentials are taken into consideration.
"White label programs are becoming more and more a staple of growing financial inclusion and supporting business growth around the world. Having the right supports in developing the needed backend capabilities to ensure a viable program cannot be underestimated," said Lee. "Importantly, because no two businesses needs are exactly alike, customization is key, or the program is not likely to succeed."
There are several ways for organizations to tailor the programs to their specific needs. One way is by choosing the fee schedule that fits their needs. Some organizations use the programs as a revenue-generator by charging fees each time a card is used while others limit or eliminate fees. Revenue sharing programs can also be established whereby all program sponsors are compensated. For others, the program priority is the associated brand visibility and ability to mine card-use analytics to increase customer and employee loyalty.
Companies like KBL handle that and more. From the card design and incorporation of specified card features to securing bank sponsorship and vendor affiliations with Visa or Mastercard, to ensuring AML and PCI compliance. KBL also has pre-developed mobile apps and desktop software for purchase that's ready right out the box while also handling things like cross-border considerations, call center integration, and overall day-to-day program management.
With expert support for the development and management of white label programs, businesses of all sizes are able to better maximize growth potential and improve access to financial services for their customers and employees. They are fast becoming one of the tools fueling financial inclusion around the world.
For more information about KBL Financial Solutions inc, including the software for your firm's own card issuing platforms go to http://www.kblholdings.com/.
SOURCE KBL Holdings
